Question 3

Briefly describe the strategic planning process; including the SWOT analysis.  Which method do you think businesses use most when identifying IT project?  Why?

Strategic planning requires a deep analysis of the organization current status then provide a forecast of potential projects to ensure the workflow. By doing so, the project will meet the long term objectives.

The method that most businesses use is the SWOT analysis that evaluates the Strengths, Weaknesses, Opportunities and Threats. In other words, it will provide a present/future analysis of the organization.

Present

• Strengths (Experienced professionals, interpersonal skills, etc) 
• Weaknesses (Lack of capital, no website, etc.)

Future

• Opportunities (Fast growing industry, trade shows/conferences)
• Threats (Bigger competitors, lack of established reputation)

The SWOT analysis is a very familiar and useful tool because it allows your organization to see where it can improve and plan more efficiently. It also allows you to break down goals and objectives into manageable pieces.

Question 2

Describe the triple constraint.  What are the three components and what is the relationship between them?

The Triple Constraint describes the key attributes every project will encounter which are Time, Cost and Scope. These objects are usually represented as a Triangle because you can't affect one without affecting another.

The Time aspect of the triple constraint describes the amount of time required to deliver the finished project. This is usually represented as a schedule. The time restraint is also directly tied into the scope of a project. For example, a project of higher quality will take much longer to produce than one of lower quality.

The Cost constraint is the amount of money needed to complete a project, this is generally referred to as a budget. The Cost is determined by various things such as resources, labor rates or risk management etc. Scope tends to affect Cost directly, for instance, if a project is set to produce something of higher quality, then it will cost more in turn.

Scope itself describes the tasks required to produce a project's end result. The quality of the project's end result will affect the amount time required and also the cost. Scope Creep is something that occurs when/if the scope changes during a project's life cycle.